105 Miðborg to build new neighbourhood at Kirkjusandur
Development company 105 Miðborg plans to build a new neighbourhood in Kirkjusandur, with 150 residential flats, office space, a neighbourhood store, and a hotel. In March, the City of Reykjavík and Íslandsbanki signed an agreement providing for development of the Kirkjusandur area, and this project is a part of that contract. Íslandsbanki subsidiary IS Funds is the manager for the project, which is backed by a broad group of shareholders.
105 Miðborg will build nearly 42,000 m2 of above-ground housing with various types of flats. Plans include a pre-school, a grocery store, and a hotel. The project is estimated to take 4-5 years to complete, with the first residential units ready for their new owners by spring 2020.
Kjartan Smári Höskuldsson, Managing Director of IS Funds:
“It is an exciting and demanding task to build a new, high-quality neighbourhood in a prime location in the city. As a result, we place strong emphasis on responsible development guided by the overall interests of the neighbourhood. The project is backed by a strong investor group, and it has been gratifying to see how much positive interest it has generated. The Kirkjusandur flats will be of various types, and there will be strong emphasis on planning and design of first-class commercial property. Kirkjusandur will be a new flagship office building in Reykjavík, extending directly from Borgartún, with ample parking space, good access, and an outstanding location. Managing the development of the neighbourhood as a whole also adds to the economic efficiency of the project.”